Filinvest Land, Inc. (FLI) announced on Monday morning their withdrawal from purchasing the 19.2 hectare lot at the South Road Properties (SRP).
FLI senior vice president for VisMin Tristan Las Marias made the announcement together with Cebu City Mayor Tomas Osmeña during a press conference at the Mayor’s Office.
According to Las Marias, the city government failed to comply with their contract agreement which they signed together with SM Holdings Inc. and Ayala Land Inc. in June 2013.
“One of the reasons is that the city government failed to comply with our agreement such as giving us the titles of the property,” said Las Marias.
Osmeña, who earlier questioned the selling of the property that was done during the time of former Mayor Michael Rama, said he was happy that Filinvest decided to withdraw the contract saying they will no longer have to go to court.
He assured Filinvest that the city will refund them of their payment of approximately P4 billion to P5 billion.
Osmeña, however, declined to comment when asked if he was open to talk to SM-Ayala consortium to see if they would also withdraw their purchase of the said property.
Osmeña also announced they are also looking to sell a 3-hectare property in SRP which is located near Filinvest’s Il Corso and City di Mare.
He said they need to dispose of the property within the year to generate income for the city.
When asked if they are interested to buy it, Las Marias said they are looking at the property but has not come up with a final decision yet.